NEW YORK--(BUSINESS WIRE)--Kemp Technologies, a leading provider of load balancer and application delivery controller (“ADC”) solutions and services, announced that it has partnered with Mill Point Capital, a middle-market private equity firm focused on control-oriented investments in North America.
The Mill Point team employs an Executive Partner model and has extensive experience investing in transactions in the technology and business services sectors. Kemp’s management team, including CEO Ray Downes, will continue to lead the company, building on its strong track record of growth and innovation.
Kemp is a leader in powering always-on application experience (“AX”) for enterprises and service providers via its next-generation load balancer and ADC technology solutions. Since the company’s founding in 2000, Kemp has consistently led innovation across enterprise technology platform types, including physical, virtual, cloud or multi-cloud environments. The company operates on a global basis with headquarters in New York, and regional hubs in Limerick, Ireland; Munich, Germany; Singapore and Sao Paulo, Brazil.
In addition, John Becker, current Chairman of Kemp will remain in his position with the company and partner with Mill Point going forward.
Ray Downes, CEO of Kemp, commented, “We are thrilled to be partnering with Mill Point and are excited about their commitment to our ongoing development efforts and future growth opportunities. I am very proud of the strong technology foundation we have built and look forward to continuing our world-class innovation and service that is helping customers deliver an optimal application experience.”
Craig Adler, an Executive Partner with Mill Point, said, “Kemp is one of the most respected names in application delivery, and is at the cutting edge of distributed computing network architecture. We believe Kemp is positioned for further success given its ever-growing suite of high performance load balancer and ADC products and services, as well as its true platform ubiquity that supports enterprises of every size and workload requirement.”
About Kemp Technologies
Kemp powers always-on application experience for enterprises and service providers. Leveraging an agile per-app load balancing / ADC consumption model, predictive analytics and automated issue resolution, Kemp is radically simplifying how customers optimize, analyze and secure their applications across private and multi-cloud environments. Kemp counts more than 25,000 customers and 60,000 application deployments in 115 countries. For more information, please visit www.kemp.ax.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with Executive Partners to leverage its investment professionals' experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
On Thursday 21 March, more than 50 Founders and CEOs of the UK’s leading tech companies attended Kennet Partners’ London technology event.
The event aimed to provide helpful insights to Founders/CEOs on navigating companies through phases of growth upwards to 100M+ in revenues.
Adrian Blair and Mike Laven shared key lessons from their recent journeys. Adrian was COO of Just Eat from 2011 to 2018 where he had P&L responsibility for all markets, growing revenue from £25m to over £700m. During this time, Adrian oversaw the company’s transition from start up to a FTSE 100 company. In February 2019, Adrian was appointed CEO of Kennet portfolio company Receipt Bank. Michael has had an extensive career in building and leading successful software companies in Silicon Valley and London.
Currently CEO of CurrencyCloud in London, Michael was previously Chairman of Kennet portfolio company FRS Global (sold to Wolters Kluwer) and has also been CEO of Iris Financial, KWI, Cohera, Infinity Financial and Coronet, and COO of Traiana (sold ICAP for $247 million). Michael sits on the Kennet Executive Advisory Board.
Here are some of the insights shared from the event for founders/CEOs.
• Trust your Team. As your company grows beyond the initial founding team, it’s important to empower the next layer of management with real responsibility, otherwise your organisation won’t scale with the growth of the company, and bottlenecks will arise. Doing so may lead to short-term issues – but will be worth it for the resulting impact on long-term growth, both personal and at the company level.
• Culture, Culture, Culture. Once you have built an empowered management team, the key determinant of execution success is culture. Make sure that you have a culture where good performance is rewarded, bad performance is dealt with professionally, and teams have fun together.
• Have a Vision. Having a powerful vision that both founders and employees buy into is a strong strategic asset for any growth-stage company. It helps to ensure that people pull together in the same direction and that the team is more than a collection of highly educated mercenaries. You might scoff, but these days the majority of employees at many tech companies are Millennials, who have been shown to genuinely care about values. It’s important to remember this when coming up with your company vision.
• Focus on your customers, employees, senior management and investors.... in that order. If you focus on your customers and employees, good things will happen for your investors. But if you focus only on your investors, then customers and employees will suffer, and ultimately so will your investors.
• Be wary of Investors with a large number of portfolio investments. Traditional VC investors own a portfolio of businesses and rely on a few big winners to generate their returns. If you are a bootstrapped founder, be wary of VC investors that push for you to aggressively expand your business, as this may not sit well with your risk appetite. Growth capital may be a better suited to your needs.
Overall the evening was a great success. Look out for the next Kennet event in H2 2019 and if you have any questions about funding your business, please get in contact with a member of the team.
Kennet is an established growth equity investor and is actively seeking investment opportunities in bootstrapped and capital efficient growth stage technology companies in the UK.
CrossBorder Solutions, a provider of corporate tax software and services, has raised $6 million in Series A funding. Kennet Partners led the round.
December 12, 2017 – Menlo Park, CA; Tarrytown, NY: CrossBorder Solutions, a leading worldwide provider of corporate tax software and services, announces it has secured $6M Series A funding led by Kennet Partners. The capital will aid the Company as it continues to grow out its worldwide footprint and product suite.
“At CrossBorder Solutions, our goal is to leverage technology to help multinational corporations comply with the worldwide transfer pricing regulations in a comprehensive, cost efficient manner” said Donald Scherer, CEO and Co-Founder of the Company. “By employing powerful software, companies worldwide are in the position to ensure compliance on a worldwide basis in a consistent fashion which dramatically lowers their audit exposure and compliance costs.”
The founders of CrossBorder Solutions, Donald Scherer and David Bukovac, already made their mark in the New York tech community and were previously the CEO and COO of a similar tax software company. The first iteration of CrossBorder Solutions was acquired by Thomson Reuters for $80M in 2007. “The new and second iteration of CrossBorder Solutions has quickly become a leader in its field once again” said Javier Rojas, Board Member and Managing Director at Kennet. “We applaud teams that work together in consecutive high growth successes and are excited to work with Donald and David to help as they grow the company with new products, strategic partnerships, and innovative software” he added.
The Series A funding announcement precedes the launch of the Entity360 platform which helps multinational corporations manage the tax position of each of their legal entities on a worldwide basis. The new worldwide BEPS compliance requirements make this a timely product launch.
About CrossBorder Solutions
Founded in 2016, CrossBorder Solutions employs technology to help multinational corporations comply with worldwide transfer pricing regulations. The Company produces the required documentation that insulates companies from costly penalties. For more information please go to: www.xbsolutions.com
About Kennet Partners
Established in 1997, Kennet is a growth equity investor that invests in bootstrapped, fast growing companies providing information technology products and business services that leverage technology. Kennet currently has over $700 million under management and has offices in London, Frankfurt and Silicon Valley. For more information please go to: www.kennet.com
By Isobel Moulder | Nov 17, 2017 | Category: News
Last night saw Deloitte’s UK Fast 50 awards ceremony held at the Hilton Bankside, and representatives from the software and fintech sectors were out in force. Sitting alongside some of the country’s top talent, we were thrilled to be named the 7th fastest growing tech business in the UK.
The Deloitte UK Technology Fast 50 is one of the UK’s foremost technology award programmes, ranking companies by their year-on-year growth rate over the last four years. After crunching the numbers, they calculated that we have a growth rate of nearly 3000% – that’s a lot of receipts!
Receipt Bank Co-Founder Michael Wood, says, “It’s really exciting time to be a part of this journey. Accountants and bookkeepers all around the world are embracing the value that automated bookkeeping can provide for their practices and their clients, and our rate of growth reflects that.”
CEO Alexis Prenn adds: “Thank you to all our terrific customers who believed and believe in our vision and our ability to deliver it. The best is yet to come.”
The award comes at the end of a very exciting year for Receipt Bank, which saw us raising US$50 million in Series B funding – one of the largest funding rounds for a UK business in the past year – and landing a top 10 position in the Sunday Times’ Tech Track 100.
“The Deloitte Technology Fast 50 shines a spotlight on the UK’s fast-growing technology companies and is internationally recognised as being one of the most important business awards in the sector”. David Cobb, lead partner, Deloitte UK Technology Fast 50 and Technology Fast 500 EMEA Programmes.
We’re proud to be helping to lead a period of remarkable growth for UK startups. City A.M. reported recently that fintech start-ups are on track for a record-breaking year of investment.
We strive constantly to improve – improve our software as a reaction to partner feedback, improve our customer support, improve our relationships with our partners – and so it is deeply gratifying to see this effort reflected in our achievements. It is also a clear indicator that the pace of automation and innovation shows no sign of slowing as it helps businesses improve their efficiency and profitability.
We’d like to say a huge thank you to all of our partners. We look forward to an exciting time ahead as we continue to push the boundaries of what is possible in the world of cloud accounting, and keep you all delighted in the process.
Geneva, November 13th, 2017: Unilabs is pleased to announce the acquisition of Telemedicine Clinic (“TMC”), a leading European provider of teleradiology and telepathology services. TMC has a network of radiologists and pathologists across Europe as well as an office in Sydney to facilitate a 24/7 on-call service. TMC is also a leading player in elective teleradiology in the Nordics and one of the top four players in the UK on-call and elective markets. Terms of the transaction were not disclosed.
"With the acquisition of TMC, we are taking a step forward in teleradiology for both elective reading and on call services in Scandinavia. This acquisition accelerates the development and implementation of digital processes in radiology and pathology, which will allow us to offer more sub-specialist reporting from top experts in their field to our customers. TMC has a strong consultant network of radiologists and pathologists with a high-quality focus and reputation in the market, which will be a great complement to Unilabs' own team in diagnostics“, said Charlotta Wikström, head of Unilabs Radiology Sweden.
“Operating in a market where the demand for pathology and radiology services is increasing rapidly when, at the same time, the number of available radiologists and pathologists is decreasing, TMC offers a unique network to foster international collaboration. In line with Unilabs’ promise to our stakeholders, that we will always provide answers that help give great care, we found a fantastic combination in Unilabs and TMC. Together, TMC and Unilabs will operate a network of over 500 specialists collaborating in the digital diagnostics network to provide best-in-class service and innovation to the pathology and radiology markets”, said Michiel Boehmer, Group COO. “We are thrilled to move on now and raise the bar for medical diagnostics in terms of quality, innovation and turnaround times.”
Alexander Böhmcker, CEO of TMC, commented: “I am delighted that TMC is becoming part of the Unilabs family. This agreement is in line with TMC’s Core Purpose to make quality healthcare accessible to all, independent of the location of patients and experts. Together with Unilabs, we want to accelerate the creation of truly integrated and digitalised diagnostic services and deliver better results and outcomes for our clients and patients. We are genuinely excited at what this transaction and partnership offers our customers and our people.”
ABOUT UNILABS
With more than 250 laboratories and 88 imaging units and a broad catalogue of more than 2,500 diagnostic tests, Unilabs is a leading European provider of clinical laboratory testing and medical diagnostic imaging services. Headquartered in Geneva, Switzerland the Unilabs Group serves private and public healthcare providers, local governments, pharmaceutical companies and the general public. The company employs more than 7,800 people worldwide, successfully operates laboratory and medical diagnostic imaging facilities in 14 countries, and generates annual revenues of €950m.
We are at the heart and start of all effective treatment decisions!
ABOUT TMC
Telemedicine Clinic is a sub-specialist radiology and pathology diagnostics company that provides day and night reporting services and support to more than 135 public service hospitals and local health authorities in Europe. TMC works with more than 200 accredited sub-specialist radiologists and pathologists who focus on specific diagnostic areas that include Neuro, Body, Musculoskeletal, Emergency Mammography and Histopathology. Our goal is to make our company as human— as creative, inventive, caring, purpose driven - as the wonderful human beings who work inside it.
BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NASDAQ:FISV), a leading global provider of financial services technology solutions, today announced it has acquired Dovetail Group Limited, a leading provider of bank payments and liquidity management solutions. This acquisition further enables Fiserv to help financial institutions around the world transform their payments infrastructure to meet the evolving needs of wholesale, commercial and retail customers. Financial terms were not disclosed.
As the global payments landscape evolves, financial institutions of all sizes are challenged to modernize their payments infrastructure and provide enhanced capabilities that improve payment outcomes, leverage efficiency, and maintain the highest standards of security and resilience. Through this acquisition, Fiserv will combine Dovetail's real-time payments platform, modular services and configurable business processing rules with its market-leading payment capabilities, enabling financial institutions to unify discrete solutions into a fully integrated payments infrastructure. This enhanced platform will provide intelligent, data-driven payment processing and deliver the flexibility to integrate new capabilities and payment types at the speed of payments evolution.
"As payments transform at the speed of life, we expect to enable financial institutions to influence and direct a larger share of the payment value chain," said Jeffery Yabuki, President and Chief Executive Officer, Fiserv. "Together, Dovetail's strong capabilities and our market-leading solutions create a powerful combination for Fiserv to deliver differentiated value for financial institutions and their customers."
Built with real-time in mind, the Dovetail payments platform provides the foundation for Fiserv to offer financial institutions a broader range of solutions and services. In the U.S., this includes the foundation for advancing its industry-leading PEP+® ACH processing solution and a comprehensive real-time payments offering with integration into the NOWSM Network for payments and transfers, the Turnkey Service for ZelleSM and The Clearing House Real-Time Payments scheme. In Europe, the new organization will be in a strong position to support financial institutions with legacy system replacement and the shift to real-time through, for example, SCT Inst (across all operators) and UK Faster Payments. Elsewhere globally, Fiserv will be able to support its clients in the move to real-time, the introduction of richer payment information, and SWIFT gpi.
The enhanced platform, and related group of integrated solutions and services, will be available on premise, and will also be deployed as a cloud-based service (SaaS) with superior customer and segment personalization.
"Dovetail has an established track record of delivering industry-leading payments transformation capabilities to banks of all sizes worldwide," said Martin Coen, Chief Executive Officer, Dovetail. "Joining Fiserv should dramatically accelerate our strategy to provide broad access to our payments platform and services, and to unlock greater value for financial institutions as they seek to modernize their payments infrastructure to support a real-time, digital experience for their customers."
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected benefits of the transaction for Fiserv and financial institutions and their customers. Statements that describe the future plans, objectives or goals of Fiserv are also forward-looking statements. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may affect the anticipated outcomes include, among others: the company's ability to successfully integrate the Dovetail business and to realize the anticipated benefits associated with the same; and other factors included in the company's filings with the SEC, including the Fiserv, Inc. Annual Report on Form 10-K for the year ended December 31, 2016 and in other documents that Fiserv files with the SEC. You should consider these factors carefully in evaluating forward-looking statements, and are cautioned not to place undue reliance on such statements. Fiserv assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
About Dovetail
Dovetail provides best-in-class payments and liquidity management solutions that enable banks to simplify their infrastructure and deliver effective digital transformation. All solutions, based on a single real-time architecture, are available on premise or in the cloud, scalable up and down, across functional and volume needs and offer unrivalled customer and segment personalization. The choice of solution provides flexibility for a bank in setting the pace of its modernization, addressing point needs or replacing multiple legacy systems. Leveraging the continuing investment from Dovetail and its world-leading client base, banks can rapidly achieve a measurable return on investment, increase strategic agility and operational excellence, optimize total cost of ownership and ensure regulatory compliance. For more information, visit Dovetailsystems.com.
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. For more than 30 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for four consecutive years, ranking first in its category for innovation in 2016 and 2017. For more information, visit Fiserv.com
About Kennet Partners
Kennet Partners Limited is a U.K.-based private equity and venture capital firm specializing in the technology sector. The firm invests in enterprise software, information technology services and solutions, communication technologies, and semiconductor products. It typically invests between $10 million and $100 million in companies based in Europe and North America. Kennet Partners Limited was founded in 1997 with an additional office in Menlo Park and Frankfurt.
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